Intrinsic value of Kyocera ADR - KYO

Previous Close

$57.43

  Intrinsic Value

$27.09

stock screener

  Rating & Target

str. sell

-53%

Previous close

$57.43

 
Intrinsic value

$27.09

 
Up/down potential

-53%

 
Rating

str. sell

We calculate the intrinsic value of KYO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.84
  18.00
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
Revenue, $m
  12,386
  14,615
  17,056
  19,705
  22,558
  25,610
  28,856
  32,293
  35,915
  39,721
  43,707
  47,874
  52,220
  56,749
  61,461
  66,362
  71,457
  76,751
  82,252
  87,970
  93,913
  100,093
  106,522
  113,211
  120,176
  127,431
  134,992
  142,876
  151,100
  159,683
  168,644
Variable operating expenses, $m
 
  13,677
  15,945
  18,407
  21,058
  23,894
  26,910
  30,103
  33,470
  37,006
  40,710
  44,486
  48,525
  52,733
  57,112
  61,666
  66,400
  71,319
  76,432
  81,745
  87,267
  93,010
  98,983
  105,200
  111,672
  118,413
  125,439
  132,765
  140,407
  148,382
  156,710
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  11,476
  13,677
  15,945
  18,407
  21,058
  23,894
  26,910
  30,103
  33,470
  37,006
  40,710
  44,486
  48,525
  52,733
  57,112
  61,666
  66,400
  71,319
  76,432
  81,745
  87,267
  93,010
  98,983
  105,200
  111,672
  118,413
  125,439
  132,765
  140,407
  148,382
  156,710
Operating income, $m
  910
  938
  1,111
  1,298
  1,500
  1,716
  1,946
  2,189
  2,445
  2,715
  2,997
  3,388
  3,695
  4,016
  4,349
  4,696
  5,057
  5,431
  5,821
  6,225
  6,646
  7,083
  7,538
  8,012
  8,505
  9,018
  9,553
  10,111
  10,693
  11,300
  11,934
EBITDA, $m
  1,584
  1,034
  1,207
  1,394
  1,596
  1,812
  2,042
  2,285
  2,542
  2,811
  3,093
  3,388
  3,695
  4,016
  4,349
  4,696
  5,057
  5,431
  5,821
  6,225
  6,646
  7,083
  7,538
  8,012
  8,505
  9,018
  9,553
  10,111
  10,693
  11,300
  11,934
Interest expense (income), $m
  0
  5
  47
  93
  143
  197
  255
  316
  381
  449
  521
  596
  675
  757
  842
  931
  1,024
  1,120
  1,220
  1,324
  1,432
  1,544
  1,661
  1,782
  1,908
  2,040
  2,177
  2,320
  2,468
  2,624
  2,786
Earnings before tax, $m
  1,200
  933
  1,064
  1,205
  1,357
  1,519
  1,691
  1,873
  2,065
  2,266
  2,476
  2,792
  3,021
  3,259
  3,507
  3,765
  4,033
  4,311
  4,601
  4,901
  5,214
  5,539
  5,878
  6,230
  6,596
  6,978
  7,376
  7,791
  8,225
  8,677
  9,149
Tax expense, $m
  248
  252
  287
  325
  366
  410
  457
  506
  557
  612
  668
  754
  816
  880
  947
  1,017
  1,089
  1,164
  1,242
  1,323
  1,408
  1,496
  1,587
  1,682
  1,781
  1,884
  1,992
  2,104
  2,221
  2,343
  2,470
Net income, $m
  904
  681
  777
  880
  991
  1,109
  1,235
  1,367
  1,507
  1,654
  1,807
  2,038
  2,205
  2,379
  2,560
  2,748
  2,944
  3,147
  3,359
  3,578
  3,806
  4,044
  4,291
  4,548
  4,815
  5,094
  5,385
  5,688
  6,004
  6,334
  6,679

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5,864
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  27,078
  25,027
  29,206
  33,742
  38,626
  43,852
  49,411
  55,295
  61,498
  68,015
  74,841
  81,975
  89,418
  97,172
  105,242
  113,634
  122,357
  131,423
  140,843
  150,633
  160,810
  171,392
  182,400
  193,855
  205,782
  218,204
  231,151
  244,650
  258,732
  273,429
  288,775
Adjusted assets (=assets-cash), $m
  21,214
  25,027
  29,206
  33,742
  38,626
  43,852
  49,411
  55,295
  61,498
  68,015
  74,841
  81,975
  89,418
  97,172
  105,242
  113,634
  122,357
  131,423
  140,843
  150,633
  160,810
  171,392
  182,400
  193,855
  205,782
  218,204
  231,151
  244,650
  258,732
  273,429
  288,775
Revenue / Adjusted assets
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
Average production assets, $m
  -192
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  9,350
  4,195
  4,895
  5,655
  6,474
  7,350
  8,282
  9,268
  10,308
  11,400
  12,544
  13,740
  14,987
  16,287
  17,639
  19,046
  20,508
  22,027
  23,606
  25,247
  26,953
  28,727
  30,572
  32,492
  34,491
  36,573
  38,743
  41,005
  43,366
  45,829
  48,401
Total debt, $m
  216
  1,342
  2,659
  4,088
  5,626
  7,272
  9,024
  10,877
  12,831
  14,884
  17,034
  19,281
  21,626
  24,068
  26,610
  29,254
  32,002
  34,857
  37,825
  40,909
  44,114
  47,448
  50,915
  54,523
  58,280
  62,193
  66,272
  70,524
  74,960
  79,589
  84,423
Total liabilities, $m
  6,758
  7,883
  9,200
  10,629
  12,167
  13,813
  15,565
  17,418
  19,372
  21,425
  23,575
  25,822
  28,167
  30,609
  33,151
  35,795
  38,543
  41,398
  44,366
  47,450
  50,655
  53,989
  57,456
  61,064
  64,821
  68,734
  72,813
  77,065
  81,501
  86,130
  90,964
Total equity, $m
  20,321
  17,143
  20,006
  23,113
  26,459
  30,039
  33,847
  37,877
  42,126
  46,590
  51,266
  56,153
  61,252
  66,563
  72,091
  77,839
  83,815
  90,025
  96,478
  103,184
  110,155
  117,404
  124,944
  132,791
  140,960
  149,470
  158,339
  167,585
  177,232
  187,299
  197,811
Total liabilities and equity, $m
  27,079
  25,026
  29,206
  33,742
  38,626
  43,852
  49,412
  55,295
  61,498
  68,015
  74,841
  81,975
  89,419
  97,172
  105,242
  113,634
  122,358
  131,423
  140,844
  150,634
  160,810
  171,393
  182,400
  193,855
  205,781
  218,204
  231,152
  244,650
  258,733
  273,429
  288,775
Debt-to-equity ratio
  0.011
  0.080
  0.130
  0.180
  0.210
  0.240
  0.270
  0.290
  0.300
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.380
  0.390
  0.390
  0.400
  0.400
  0.400
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  0.420
  0.430
Adjusted equity ratio
  0.682
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  904
  681
  777
  880
  991
  1,109
  1,235
  1,367
  1,507
  1,654
  1,807
  2,038
  2,205
  2,379
  2,560
  2,748
  2,944
  3,147
  3,359
  3,578
  3,806
  4,044
  4,291
  4,548
  4,815
  5,094
  5,385
  5,688
  6,004
  6,334
  6,679
Depreciation, amort., depletion, $m
  674
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  1,196
  777
  873
  976
  1,087
  1,205
  1,331
  1,464
  1,603
  1,750
  1,904
  2,038
  2,205
  2,379
  2,560
  2,748
  2,944
  3,147
  3,359
  3,578
  3,806
  4,044
  4,291
  4,548
  4,815
  5,094
  5,385
  5,688
  6,004
  6,334
  6,679
Change in working capital, $m
  -234
  640
  701
  760
  819
  876
  932
  986
  1,040
  1,092
  1,144
  1,196
  1,248
  1,300
  1,353
  1,407
  1,462
  1,519
  1,579
  1,641
  1,706
  1,774
  1,845
  1,920
  1,999
  2,082
  2,170
  2,263
  2,360
  2,463
  2,572
Cash from operations, $m
  1,430
  138
  172
  216
  268
  329
  399
  477
  564
  658
  759
  842
  958
  1,079
  1,208
  1,342
  1,482
  1,628
  1,780
  1,937
  2,101
  2,270
  2,446
  2,628
  2,816
  3,012
  3,215
  3,425
  3,644
  3,871
  4,107
Maintenance CAPEX, $m
  0
  38
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  -633
  -192
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  -976
  -154
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Free cash flow, $m
  454
  -16
  172
  216
  268
  329
  399
  477
  564
  658
  759
  842
  958
  1,079
  1,208
  1,342
  1,482
  1,628
  1,780
  1,937
  2,101
  2,270
  2,446
  2,628
  2,816
  3,012
  3,215
  3,425
  3,644
  3,871
  4,107
Issuance/(repayment) of debt, $m
  -53
  1,200
  1,317
  1,429
  1,539
  1,646
  1,751
  1,854
  1,954
  2,053
  2,150
  2,247
  2,345
  2,443
  2,542
  2,643
  2,748
  2,856
  2,967
  3,084
  3,206
  3,333
  3,467
  3,608
  3,757
  3,913
  4,078
  4,252
  4,436
  4,630
  4,834
Issuance/(repurchase) of shares, $m
  0
  1,931
  2,086
  2,227
  2,355
  2,471
  2,573
  2,663
  2,742
  2,810
  2,869
  2,849
  2,893
  2,932
  2,968
  3,000
  3,031
  3,062
  3,094
  3,128
  3,165
  3,205
  3,250
  3,299
  3,354
  3,416
  3,484
  3,559
  3,642
  3,733
  3,833
Cash from financing (excl. dividends), $m  
  -70
  3,131
  3,403
  3,656
  3,894
  4,117
  4,324
  4,517
  4,696
  4,863
  5,019
  5,096
  5,238
  5,375
  5,510
  5,643
  5,779
  5,918
  6,061
  6,212
  6,371
  6,538
  6,717
  6,907
  7,111
  7,329
  7,562
  7,811
  8,078
  8,363
  8,667
Total cash flow (excl. dividends), $m
  367
  3,116
  3,575
  3,872
  4,162
  4,446
  4,723
  4,994
  5,259
  5,520
  5,778
  5,939
  6,195
  6,454
  6,717
  6,985
  7,261
  7,546
  7,841
  8,149
  8,471
  8,808
  9,163
  9,535
  9,927
  10,341
  10,777
  11,237
  11,722
  12,234
  12,774
Retained Cash Flow (-), $m
  -435
  -2,612
  -2,863
  -3,107
  -3,346
  -3,580
  -3,808
  -4,031
  -4,249
  -4,464
  -4,676
  -4,887
  -5,098
  -5,311
  -5,528
  -5,749
  -5,975
  -6,210
  -6,453
  -6,706
  -6,971
  -7,249
  -7,540
  -7,847
  -8,170
  -8,510
  -8,868
  -9,247
  -9,646
  -10,067
  -10,512
Prev. year cash balance distribution, $m
 
  5,790
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  6,293
  712
  765
  816
  866
  916
  963
  1,010
  1,057
  1,102
  1,052
  1,097
  1,143
  1,189
  1,237
  1,286
  1,336
  1,388
  1,443
  1,500
  1,560
  1,622
  1,688
  1,758
  1,831
  1,908
  1,990
  2,076
  2,166
  2,262
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  6,034
  652
  666
  672
  672
  664
  651
  632
  607
  578
  499
  468
  435
  399
  363
  327
  291
  256
  222
  191
  161
  135
  111
  90
  71
  56
  43
  32
  24
  17
Current shareholders' claim on cash, %
  100
  88.9
  79.8
  72.3
  66.0
  60.6
  56.1
  52.3
  48.9
  46.1
  43.6
  41.4
  39.5
  37.8
  36.3
  34.9
  33.7
  32.6
  31.5
  30.6
  29.8
  29.0
  28.2
  27.6
  26.9
  26.3
  25.8
  25.2
  24.7
  24.2
  23.8

Kyocera Corporation is engaged in various fields, from fine ceramic components to electronic devices, equipment, services and networks. The Company operates through seven segments: Fine Ceramic Parts Group, Semiconductor Parts Group, Applied Ceramic Products Group, Electronic Device Group, Telecommunications Equipment Group, Information Equipment Group and Others. The Company's products include components for semiconductor processing equipment and flat panel display manufacturing equipment, information and telecommunication components, general industrial machinery components, sapphire substrates, automotive components, solar energy products, cutting tools, medical and dental implants, jewelry and applied ceramic related products, page printers and multifunctional products. It also offers information systems and telecommunication services, engineering business, management consulting business, materials for semiconductors, chemical materials and realty development business.

FINANCIAL RATIOS  of  Kyocera ADR (KYO)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 1.7
Price to Book 1
Price to Tangible Book
Price to Cash Flow 14.8
Price to Free Cash Flow 26.5
Growth Rates
Sales Growth Rate -3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 79
Current Ratio 0.3
LT Debt to Equity 0.7%
Total Debt to Equity 1.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 4.5%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 26.2%
Gross Margin - 3 Yr. Avg. 25.9%
EBITDA Margin 15.1%
EBITDA Margin - 3 Yr. Avg. 14.3%
Operating Margin 7.3%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 9.2%
Net Profit Margin 7.3%
Net Profit Margin - 3 Yr. Avg. 7.4%
Effective Tax Rate 20.7%
Eff/ Tax Rate - 3 Yr. Avg. 13.1%
Payout Ratio 38.5%

KYO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KYO stock intrinsic value calculation we used $12386 million for the last fiscal year's total revenue generated by Kyocera ADR. The default revenue input number comes from 2017 income statement of Kyocera ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our KYO stock valuation model: a) initial revenue growth rate of 18% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for KYO is calculated based on our internal credit rating of Kyocera ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Kyocera ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of KYO stock the variable cost ratio is equal to 93.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for KYO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Kyocera ADR.

Corporate tax rate of 27% is the nominal tax rate for Kyocera ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the KYO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for KYO are equal to 0%.

Life of production assets of 1.1 years is the average useful life of capital assets used in Kyocera ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for KYO is equal to 28.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $20321 million for Kyocera ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 377.194 million for Kyocera ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Kyocera ADR at the current share price and the inputted number of shares is $21.7 billion.

RELATED COMPANIES Price Int.Val. Rating
CAJ Canon ADR 36.93 184.97  str.buy
AVX AVX 17.46 18.28  hold
KEM Kemet 18.07 194.29  str.buy
QCOM Qualcomm 62.18 32.78  sell

COMPANY NEWS

▶ ETFs with exposure to Kyocera Corp. : December 15, 2017   [Dec-15-17 01:40PM  Capital Cube]
▶ ETFs with exposure to Kyocera Corp. : November 28, 2017   [Nov-28-17 12:38PM  Capital Cube]
▶ ETFs with exposure to Kyocera Corp. : November 16, 2017   [Nov-16-17 11:46AM  Capital Cube]
▶ KYOCERA to Acquire Power Tool Business from RYOBI   [Oct-05-17 08:04AM  Business Wire]
▶ [$$] Corning Stock Seen Undervalued by 15%-20%   [Aug-23-17 07:49AM  Barrons.com]
▶ [$$] Wynnchurch Capital Sells Senco to Kyocera   [Aug-08-17 12:18PM  The Wall Street Journal]
▶ Kyocera posts 1Q profit   [Jul-28-17 08:05PM  Associated Press]
▶ New Strong Buy Stocks for July 5th   [Jul-05-17 10:07AM  Zacks]
▶ ETFs with exposure to Kyocera Corp. : July 3, 2017   [Jul-03-17 03:22PM  Capital Cube]
▶ [$$] Kazuo Inamori, Kyocera founder, rails against complacency   [May-28-17 05:36AM  Financial Times]
▶ KYOCERA Corporation Names Hideo Tanimoto as New President   [Feb-24-17 08:05AM  Business Wire]
▶ Kyocera posts 3Q profit   [05:01AM  AP]
▶ KYOCERA Group Consolidates Optical Components Business   [Nov-01-16 08:04AM  Business Wire]
▶ New Strong Buy Stocks for October 10th   [Oct-10-16 07:45AM  Zacks]
▶ KYOCERA Marks 10th Anniversary of "Green Curtains"   [Aug-09-16 08:07AM  Business Wire]
▶ Kyocera posts 1Q profit   [Jul-28-16 05:03AM  AP]
Financial statements of KYO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.